401(k), Profit Sharing, Money Purchase, Simplified Employee Pension (SEP), Savings Incentive Match Plan for Employees (SIMPLE), 403(b), 457, Rollover Individual Retirement Accounts (IRAs) and Roth IRAs

These services assist employers in the design, administration, and communication of all types of defined contribution plans. Services are tailored to meet the needs of both employers and employees. Through payroll deduction, group retirement plans allow employees to save for retirement while reducing their taxes on current income and deferring taxes on interest accumulated. Employees decide how much income is invested, and contributions are deducted from paychecks before federal and New York State income taxes are withheld.

 

Plan Administration Services

Full service administration is available for qualified defined contribution plans such as 401(k) plans. These services include record keeping for participant accounts, non-discrimination testing, 415 limit testing, annual government filings, and hardship withdrawal and loan administration.

 

Plan Implementation Service

This service assists facilities wishing to create a new retirement plan or improve an existing one. SBS consultants can help by presenting and developing options, providing benefit/contribution projections, drafting plan documents, and formally submitting the plan to the Internal Revenue Service (IRS) for approval.

 

Trust Asset Evaluation Service

Under this service, plan trustees of defined contribution or defined benefit plans receive an independent evaluation of how plan assets and/or asset managers have performed. This objective comparative analysis reviews and measures specific outcomes and investment practices. Assistance is also available if the evaluation identifies a need to replace the asset manager or provide new investment options.

 

Actuarial and Defined Benefit Services

These services are intended to keep defined benefit plans, including cash balance plans, on track and on budget. Services cover the design, funding, and communication needs of the employer and employee as well as all governmental funding requirements.

 

Employee Communications

SBS develops a comprehensive communications package designed to generate interest, encourage participation, and educate employees. Group meetings with a Registered Representative are used to support employees in establishing retirement goals, in implementing strategies, and in monitoring progress. Communication services also include workshops, seminars, Webcasts, newsletters, and audio/visual presentations on a variety of retirement topics.